Although Mahatma Gandhi is primarily known as ‘Father of our Nation’ as well as the most prominent freedom fighter of Indian freedom struggle, But along with his political ideology his economic ideas basically emphasizing on self-reliance, self-dependency are very important even on present day context of economic and social developments. He had very definite ideas on the appropriate ways of his country’s economic and social developments which anticipated major elements of the present developments strategies of India as well as a number of other developing countries. Among his various economic ideas one major concept ‘Gram Swaraj’ is very significant which Gandhi presented as the conception of his ideal of stateless democracy and a self-sufficient village economy. The present paper will focus on the prime features of Gandhian economic thoughts and its relevance in present day Indian economic context.